Boat Insurance: Is Your Boat Really Worth It?

Boaters Insurance: Is it really needed for your boat?

For those that know me, you’ll know that I am not big on insurance. From my own experience, insurance doesn’t seem to provide coverage when needed – it’s either in my deductible or excluded from coverage. However, I wouldn’t even consider not having insurance coverage, and the same is true for my boat.

Boaters Insurance is needed

Insure Your Boat

Buying boat insurance is a “necessary evil,” when you own a watercraft. If you only use your boat certain times of the year, it does not make sense to hold coverage on a watercraft where winter shortens the boating season. Why should you pay premium coverage on a pleasure boat for a full 12 months when you only use it for a few months out of the year? Why should someone get full insurance on a boat when, just like a car, it’s value is diminished the minute you take it out on the water And having insurance on an older boat sometimes doesn’t make much sense when there not much to insure.

So is insurance really worth it on your boat or other type of watercraft? You betcha! Without a doubt, it’s necessary to keep some kind of insurance on your watercraft; this article explains why having it is necessary. In addition, this will help give some hints and tips on ways to save a bit of money on coverage.

Liability and Medical coverage for Boaters Insurance

The most important aspect of boat insurance is not to cover the value of your boat: it’s your coverage on liability and medical. Through your insurance, you and anyone authorized to operate your boat are covered in case any incident should occur out on the water. (Note – by authorized to operate your boat – that individual(s) has to be listed on your policy). The policy covers you on accidents, injuries to passengers, drivers, or individuals in the water. This policy will also help cover medical expenses to help protect you and the passengers of your boat. Without a doubt, this is the most important part of your coverage of boat insurance.

Boat Insurance Coverage for Your Watercraft.

The coverage on the boat will also cover an event that causes loss of the boat. There can be many different issues that could require someone to replace the boat entirely. In a regular marine insurance policy, you will be covered to the estimated value of the watercraft.

Most policies cover losing the boat in capsizing or sinking in adverse and severe weather conditions. The boat policy will cover fire or explosions that could occur on a boat. The policy will cover theft or damage done to the boat by vandalism.

Overall, if any incident occurs, insurance will cover the boat at the estimated value of the boat. Since boats depreciate considerably, you can adjust and design an insurance policy to cover an older and less expensive boat. This way you won’t pay as high a premium because you are not covering a high replacement value. Remember, the main coverage you want to keep on the boat insurance policy is the liability and medical protection, not the value of the watercraft.

Should You Buy Boat Insurance for Emergency Service?

Imagine you are on the boat heading in as you see dark clouds rumbling in the distance. Halfway across the lake, the motor on the boat suddenly stops. What happens if you are stranded out in the middle of the lake? You use the ship-to-shore radio and contact the coast guard to tow you back into land. Do you realize that you will be charged a fee to have the coast guard rescue you? In some cases, these charges can amount from $500 to $1000 to provide emergency services on the water.

Some insurance policies cover part or all of the emergency services charges. Check on the policy how much the policy is willing to reimburse if you were to have an emergency on the water.

Additional Coverages for Boaters Insurance

Many different policies provide coverage for certain objects in and around the boat that can become damaged, lost or stolen. Some policies can cover items like the boat trailer itself, or this may be part of your automotive insurance coverage. Other boat equipment that a marine policy can cover include: GPS marine units, ship-to-shore radio, deck chairs, outboard motors, life preservers. The insurance policy will offer coverage to replace these objects in case of damage or theft.

Through careful consideration, the question arises again: Is it wise to have marine or watercraft coverage? The answer is yes! Obviously, the main reason to carry insurance coverage is the liability and medical. You are protected in case something happens on the water with your watercraft. These insurance plans can be designed to cover you and the value of the boat. Specifically, these will give you proper coverage at the right price to make sure you are protected while enjoying a great time on the water.

Be sure to check with a qualified insurance agent who is familiar with marine policies when obtaining insurance for your boat. You can even get some boat insurance quotes online so you have an idea of the price range for boaters premiums.   And, as with your other insurance coverage, be sure to shop around so you will have competitive quotes so you are able to compare boat insurance policies. And check with your local boating laws to ensure your coverage meets any required standards.


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